Sellers Published date: July 22, 2014 Modified date: January 2, 2015

1 MILLION BARRELS TRIAL & UP TO 8 MILLION BARRELS MONTHLY, (OFF OPEC).

The price for each Barrel of Nigeria Light Crude Oil delivered out-turned barrels shall be
US DOLLAR $6.OO NETT TO BUYER
DELIVERY: CIF ROTTERDAM/LAS PALMAS.

The price for each Barrel of Nigeria Light Crude Oil delivered out-turned barrels shall be
US DOLLAR $8.OO NETT TO BUYER
DELIVERY: TTO BASIS GHANA/NIGERIAN WATERS.

COMMISSION: BUYER PAYS TO BUYER SIDE SEPARATE FROM THIS SPA, SELLER PAYS TO SELLER SIDE AS MENTIONED IN THIS DOCUMENT.

PROCEDURE CIF / TTO
A. BUYER AND SELLER SIGN AND SEAL THIS CONTRACT INCLUDING BANKING COORDINATES AND EXCHANGE THE SIGNED COPY BY ELECTRONIC MAIL. THE ELECTRONIC SIGNED COPY BY BOTH PARTIES IS CONSIDERED LEGALLY BINDING AND ENFORCEABLE AND MUST NOT BE CHANGED. THE EXECUTED SPA IS LODGED IN THEIR RESPECTIVE BANKS.

B. SELLER RELEASES HIS LIFTING RIGHT DOCUMENTS, ALONG WITH LOADING/CARGO DOCUMENTS FOR BUYER'S CONFIRMATION, SHOWING SELLER'S PAST PERFORMANCE. [SUCH AS: B/L, AUTHORITY TO SELL/LIFT ETC.] OR SELLER RELEASES CARGO DOCUMENTS OF ANY VESSEL AVAILABLE AT THE MOMENT.

C. IMMEDIATELY AFTER PRESENTATION OF THE ABOVE DOCUMENTS, AS STIPULATED IN PARAGRAPH B, BUYER INSTRUCT HIS BANK TO ISSUE VIA SWIFT-MT799 TO SELLER'S BANK, IN ACCORDANCE WITH THE AGREED FORMAT. THE VALUE OF THE SWIFT-MT799 AND DLC SHALL BE XXX HUNDRED MILLION DOLLARS (000,000,000 DOLLARS) SHOWING EVIDENCE OF FUNDS IN BUYER’S ACCOUNT FOR THIS TRANSACTION IN FAVOUR OF SELLER. BUYER’S SWIFT-MT799 AND DLC SHALL BE EFFECTIVE FOR ONE YEAR AND ONE DAY FROM THE DATE OF ISSUANCE PROVIDED THAT SELLER DELIVERS THE FIRST VESSEL WITHIN THIRTY (30) DAYS FROM THE SAID DATE; IF SELLER SHALL DEFAULT IN ACCORDANCE WITH THE CLAUSE NO. 20, THE INSTRUMENT SHALL AUTOMATICALLY BECOME NULL, AND VOID AND THE PENALTY CLAUSE SHALL PREVAIL.
D. SELLER CONFIRMS THE SWIFT-MT799 ON BANK TO BANK BASIS, AND THEN NOMINATES AND LOAD A VESSEL OR ASSIGNS AN AVAILABLE LOADED VESSEL TO BUYER; AND PRESENT THE DELIVERY DOCUMENT TO THE BUYER.

E. BUYER PROVIDES DESTINATION PORT /TANK FARM INFORMATION (HABOUR MASTER & SHIPPING AGENT DETAILS) TO SELLER.

F. SELLER INSTRUCTS HIS SHIP MASTER TO SEND NOR/ETA TO BUYER DISCHARGE PORT AND COPY TO BUYER.

G. SELLER ISSUES THE COMPLETE SHIPPING DOCUMENTS TO THE BUYER TO ENABLE THE BUYER PROCESS THE CASH PAYMENT FOR THE CARGO AFTER DISCHARGE IN THE BUYER'S FARM TANK.

H. THE VESSEL PROCEEDS TO THE PORT OF DESTINATION.
I. UPON VESSEL ARRIVAL AT THE BUYER'S PORT OF DESTINATION, BUYER'S INSPECTORS CONDUCTS Q & Q ON BOARD THE VESSEL, AFTER WHICH BUYER ISSUES MT103/23 (CASH PAYMENT) TO THE SELLER AND ALL AGENTS BENEFICIARIES AS STATED IN THE SPA, FOR THE ENTIRE CARGO AND COMMISSION BASED ON THE Q&Q REPORT.

J. VESSEL DISCHARGES CRUDE OIL AT BUYER'S POD. WITHIN 24 BANKING HOURS AFTER DISCHARGE OF CRUDE OIL AT BUYER'S PORT OF DESTINATION AND PRESENTATION OF SELLER'S INVOICE AND SHIPPING DOCUMENTS, SHOWING THE BUYER DESIGNATED AS THE CONSIGNEE OF THE CARGO, AT THE DESK OF BUYER'S BANK THE BUYER PAYS FOR THE CRUDE OIL AS PER THE FINAL Q & Q REPORT ISSUED BY INDEPENDENT INSPECTOR AT THE PORT OF DISCHARGE.

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• Publisher: florence amankwah
• Company Name: MASRI ENERGY
• Country: SOUTH AFRICA

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